TSLA slips premarket after subdued Cybercab launch update
TSLA is lower in the premarket after a subdued Cybercab launch update. The market is pricing even odds of a September Fed rate hike, while the outlook cites slowing job growth and a temporary oil supply shock.
TSLA down pm after a subdued Cybercab launch update.
Markets now price even odds of a September Fed rate hike; I expect the Fed to hold rates when they meet this month given slowing job growth and the temporary nature of the oil supply shock.
S&P 2026 EPS estimates keep rising on AI and energy, leaving the index at a 2026 P/E of 21.2x, whose earnings yield now sits just below the 10-year treasury yield (no equity premium).
I remain cautious on $TSLA given continued negative earnings revisions, the commoditization of unsupervised autonomy, and an extended valuation.
For greater detail please see my daily pre-market summary for Subscribers.